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February 15, 2013 05:21 PM Eastern Daylight Time

Fitch Affirms GMAC 1997-C1

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed one class of GMAC Commercial Mortgage
Securities, Inc. (GMAC) commercial mortgage pass-through certificates
series 1997-C1. A detailed list of rating actions follows at the end of
this press release.

KEY RATING DRIVERS

The affirmation is due to sufficient credit enhancement to the remaining
Fitch rated class and minimal Fitch expected losses across the pool.
Fitch modeled losses of 2.8% of the remaining pool; expected losses on
the original pool balance total 3.7%, including losses already incurred.
The pool has experienced $60.9 million (3.6% of the original pool
balance) in realized losses to date. Fitch has designated three loans
(8.5%) as Fitch Loans of Concern, which includes the two specially
serviced assets.

As of the January 2013 distribution date, the pool's aggregate principal
balance has been reduced by 95.2% to $80.9 million from $1.7 billion at
issuance. Per the servicer reporting, one loan (25.4% of the pool) is
defeased. Interest shortfalls are currently affecting classes H through
K.

Although credit enhancement of the one remaining rated class G is high
for a 'BB' rating, upgrades are not warranted. The pool is concentrated
with 10 of the remaining 22 loans secured by properties occupied by
single tenants and thus carry a great deal of binary risk.

The largest contributor to expected losses is secured by a 52,419 square
foot (sf) business park (1.9% of the pool) located in Plantation,
Florida. The Borrower has been involved in two recent lawsuits, though
these legal issues have since been cleared and the borrower has
expressed a desire to pay the loan in full. The borrower is, however,
contesting amounts due.

The next largest contributor to expected losses is a loan secured by two
shopping centers totaling 175,369-sf located in Portage, WI and Waseca,
MN. Occupancy declined 23% when Wal-Mart vacated upon its Feb. 27, 2007
lease expiration date. The market remains slow in the local area.

Fitch affirms the following classes:

--$34.3 million class G at 'BBsf'; Outlook Stable.

Classes A-1 through F are paid in full. Fitch does not rate the class H
or K certificates. Fitch previously withdrew the rating on the
interest-only class X certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS
transactions is available in the Dec. 18, 2012 report, 'U.S. Fixed-Rate
Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is
available at 'www.fitchratings.com'
under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.

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